Registered Representative Salary
Registered Representatives in the United States take home an average $44K annually. Career length is the biggest factor affecting pay for this group, followed by the specific employer. Most enjoy medical while more than half get dental coverage. Vision coverage is also available to a little more than half. For the most part, Registered Representatives enjoy their work and report high levels of job satisfaction. Men working as Registered Representatives who took the survey just slightly outnumber women at 52 percent. The information for this snapshot was generated by responses to the PayScale salary survey.
Job Description for Registered Representative
Managing investments and securities exchanges is a complicated and byzantine process. There are many rules that must be followed closely and the entire process is overseen by huge government bureaucracies, and this is why most people hire brokers to do their business for them. "Registered representative" is a very literal job title: commonly known as "stockbrokers," they are licensed by the United States Securities and Exchange Commission, as well as self-regulatory agencies such as the New York Stock Exchange, to represent their clients in the purchase, sale, and management of securities.Read More...
Registered representative do not only buy and sell; they are highly-qualified agents who also handle transactions involving insurance, futures, and other tradeable commodities. Other parts of the job involve using their understanding of market activity to provide investment advice to clients, managing and monitoring existing investments, and acting on behalf of clients to make the financial moves they desire.
Registered representatives may work independently or as members of investment firms. They must be detail-oriented individuals who constantly monitor securities markets and possess the understanding of this activity to make sound investment decisions, as well as a strong sense of timing to make the right moves at the right times. A bachelor's or master's degree in a financial field and the licensing mentioned above are generally required for this position.
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Popular Employer Salaries for Registered Representative
Not only do salaries lack room to grow — pay ranges from $37K to just $62K — but Charles Schwab & Co., Inc. offers the lowest pay in town to boot, with a median paycheck of $42K.
Pay by Experience Level for Registered Representative
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Registered Representatives, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Relatively untried employees who have less than five years' experience make $44K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $54K. After working for 10 to 20 years, Registered Representatives make a median salary of $58K. Big financial gains seem to result from working for more than two decades; veterans in this group report earning $70K on average.